Title
Public Hearing for Bosch Rexroth Corporation Business Investment Grant
Action
Action:
A. Conduct a public hearing regarding approval of a City of Charlotte Business Investment Grant to Bosch Rexroth Corporation, and
B. Approve the city's share of a Business Investment Grant to Bosch Rexroth Corporation for a not to exceed amount of $959,426 over seven years.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Alyssa Brown, Economic Development
Explanation
* On October 6, 2022, Bosch Rexroth announced it would locate a customer experience and account operations center in Charlotte.
* This action is requesting a public hearing be conducted regarding City Council approval of a Business Investment Grant (BIG) of $959,426 over seven years.
* During the week of May 9, 2022, City Council indicated intent to approve this Business Investment Grant.
* Bosch Rexroth has committed to a capital investment of $48,205,000, the creation of 24 jobs to be hired over five years with an average wage of $67,016, and to retain 260 current positions for the term of the grant.
* In addition to the City of Charlotte Business Investment Grant:
* Mecklenburg County Board of County Commissioners approved a Business Investment Grant in the amount of $1,700,288.
* State of North Carolina approved an On the Job Grant in the amount of $100,000 and $193,300 in community college training funds.
Background
* Bosch Rexroth is a manufacturer of linear motion and assembly technologies.
* The company's U.S. headquarters is in Charlotte and has operated a facility here for over 30 years.
* The company is building a new facility on a brownfield site off Tyvola Road.
* Their new building will feature high-tech capabilities for production and logistics with a customer showroom and headquarters and corporate functions.
Business Investment Grant
* The general terms and conditions of this grant include:
* Actual grant payments are based on the value of the investment as appraised...
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